Fire, a browser extension designed to prevent crypto fraud, has raised $3.5 million in funding led by venture studio Atomic. The extension acts as a transaction simulator and shows in real-time if a transaction is about to occur and where the funds are going. Fire claims to have over 50,000 users, 50% of which are monthly-active, and currently scans wallets based on Ethereum, Polygon, Optimism, and Arbitrum. The company currently makes no revenue and sees its product as a customer acquisition strategy, but may seek to monetize in the future by taking fees from swaps. Fire is also prototyping a self-custody wallet to enhance user safety. However, it is not a blanket solution to the industry's fraud woes and cannot help if a user is phished and believes that a scammer's wallet address is legitimate.
(By Lucinda Shen)
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